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    Business Insurance: Everything You Need to Know

    Sometimes life can throw you a curveball, and the unexpected can happen. This is why comprehensive insurance is essential

    What Is Business Insurance?

    Also known as "commercial insurance," this is an umbrella term for different types of coverage available that protect your business against different forms of financial loss. This could be a defence against theft, damage, legal action, or any unforeseen interruption of business operations. 

     

    Read on to find out everything you need to know about UK business insurance, including what types are available and how to find the best deal for you.  

    Business Insurance Types

    Business insurance comes in all different shapes and sizes, each with its own unique protection. Below is a quick list of some of the most popular types of business insurance available.

     

    Employer's Liability Insurance 

    Employer's liability insurance covers you against any claims of work-related sickness or injury made by any current or former employers. 

     

    If you employ at least one staff member, even on a casual basis, then this type of insurance is a legal requirement for your business. 

     

    Public Liability Insurance 

    This protects your business if a member of the public is injured or property is damaged as a result of your business.

     

    Professional Indemnity Insurance

    If a customer complains that your company gave them subpar service, which led to an unanticipated outcome or, worse, cost them money, this will cover any additional or legal expenses you might incur. 

     

    In certain industries such as solicitors, accountants and healthcare professionals, this is mandatory and is enforced by industry regulatory bodies. 

     

    Product Liability Insurance

    If someone is injured as a result of a faulty product, then product liability insurance will cover any financial penalties or court fees you may face as a result of this. 

     

    Business Contents Insurance 

    This covers any loss, theft, or damage to your equipment. 

     

    Commercial Building Insurance

    If any of your commercial properties are damaged in events such as floods, fires, or vandalism, this will cover repair costs. 

     

    Business Interruption Insurance 

    If you find yourself unexpectedly having to put a halt on business activities, then this will cover you while you get back on your feet. 

     

    Tool Insurance 

    An essential for all tradespeople out there, similar to business contents insurance but specifically for tools. 

     

    For a more in-depth look, be sure to check out our other article about the different types of business insurance.

    Compare the best business insurance deals Today.

    You could save your business £££

    Which sector best describes your business?
     
     
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      • Business Telephone Systems
      • Commercial Waste Collection
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      FAQs

      Your Questions Answered

      This can be difficult to estimate because there are so many different factors that come into play when calculating the cost of business insurance.

       

      The best way to quickly find out how much it costs is by using our free service to source multiple business insurance quotes tailored specifically to your needs. 

      If you employ at least one staff member, even on a casual basis, you are required by law to have employer's liability insurance. Some professions are required by industry regulators to have professional indemnity insurance, such as solicitors, healthcare professionals, and accountants. 

       

      We also recommend taking out insurance policies that will protect you from other unfortunate events, even if you're not legally obliged to. 

      Like all businesses, you are legally required to have employer's liability insurance if you employ at least one person, though it is also advisable to have other types of insurance to protect you should the unthinkable happen. 

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      Read more about how to save your business money
      How to Reduce Your Commercial Fleet Insurance

      Insuring Your Business FleetIf your business uses vehicles to provide goods and services, you already know that commercial fleet insurance is crucial to safeguard your company's assets. However, managing these costs can be daunting, especially for small businesses still figuring out the ins and outs of fleet insurance.    Fortunately, implementing strategic measures can help you significantly reduce your fleet insurance expenses. Here are five ways how. Embrace Vehicle Tracking SystemsA fleet tracking system uses GPS technology to track the location and movement of your vehicles. They can be used by businesses of all sizes to improve fleet efficiency, productivity, and safety. Key benefits of using a fleet tracking system include reduced fuel costs, improved productivity and, importantly, reduced insurance premiums. Using a fleet tracking system means there's less chance of theft and damage, which affects the cost of your insurance.   When choosing a fleet tracking provider, it is important to consider the specific needs of your business. What features are most important to you? What is your budget? Once you have considered these factors, you can compare the different providers available.Implement Safe Driving PoliciesEstablishing safe driving policies sets a clear standard for your drivers. These policies can include regular vehicle inspections and strict adherence to speed limits. A tracking system can ensure you can maintain a close eye on how your vehicles are driven, so you can be sure that any training you put your drivers through is followed.  By promoting responsible driving practices, you can minimise the risk of accidents and protect your fleet from potential damage or harm, which means insurers can be more assured of a limited chance of accidents occurring. Use Newer VehiclesEach new model of a vehicle comes with improved features designed to reduce the risk of accidents occurring. Many have parking sensors, external cameras, collision warnings and other devices that reduce the risk of crashes and accidents. As well as this, they have modern safety features that reduce the risk of serious injury if a collision does occur. All of this means that newer vehicles are generally less prone to accidents, so they often come with cheaper insurance premiums. Another advantage of using newer vehicles is the reduced risk of theft, thanks to modern technologies that make newer vehicles tricker to break into and even harder to steal. This also works to reduce the insurance premium you pay.